There are many different types of purchase/sale agreement forms in use, varying in type, complexity and standardization. Real estate broker or legal stationary company “standard” forms, for example are used in most residential deals. The inherent problem with the...
New ALTA/NSPS (fka AlTA/ACSM)* survey standards were adopted and take effect on this month on February 23rd. The new standards replace ALTA/ACSM standards previously adopted in 2011. "1. Purpose - Members of the American Land Title Association® (ALTA®) have specific...
The “general rule with regard to determining value of real property (in order to calculate real estate taxes) is that the purchase price at a recent (within 3 years) “arms length sale” of the property between a willing buyer and willing seller is dispositive. What...
Putting valuable tax dollars back into the pockets of U.S. businesses for job creation and growth. Re-printed with permission by author: Craig Miller, CPA, CGFM, MBA, Duffy+Duffy Cost Segregation Services, Inc. Long-Term Certainty through the Tax Extenders Bill:...
A 2015 Ohio appellant court decision out of Lorain County serves as an important reminder of the duty of care owed by real estate brokers/agents and the expensive consequences that result when communication between a real estate agent and a homeowner is imprecise. The...
(Watch Your Language & Say What You Mean, Precisely or a Judge Will Tell You What You Meant #10) While IBM’s Deep Blue beat Gary Kasparov in their series of chess matches in the late 90’s, in Love v. Beck Energy Corp., 2015-Ohio-1283 (7th Dist. Ct. of App., Noble...
On September 21, 2015, we published an article on this blog regarding the Ohio Supreme Court upholding the Northeast Ohio Regional Sewer District’s (NEORSD) stormwater management program. Since then, NEORSD has been posting updated information on their web site to...
As you know, lawyers are the only group of professionals who can write a 50+ page document and call it a “brief”. Commercial leases are anything but brief, usually totaling 25-50 pages, with some leases surpassing 100 pages. Many stop reading at the signature page of...
Every mortgage loan agreement contains provisions that address casualty and condemnation (i.e., eminent domain) affecting the property. All such provisions give the lender some degree of control over the proceeds and identifies what happens to the proceeds, and are...
Commercial leases in Ohio must be in writing and signed (See Ohio’s “Statute of Frauds”- ORC Section 1335.04), and, they must be acknowledged (e.g., notarized) when their terms (duration) exceed three (3) years (See ORC Section 5301.08; ORC Section 5301.01). If these...